Alfen has posted its FY 2020 results, with its electric vehicle (EV) charging business continuing to see a significant increase as revenues jump 105%.
This jump took its EV revenues to €53.5 million (£46.6 million) compared to €26.1 million (£22.7 million) in 2019. This was reflected in its Q1 2020 results, which saw its EV revenues increasing 194% from €4.5 million (£3.9 million) in Q1 2019 to €13.2 million (£11.5 million).
Whilst Alfen acknowledged it has been a challenging year for the automotive industry as a result of COVID-19, it said that European governments have made “extensive support” available and have increased subsidies, grants, tax breaks and other incentives for EVs which has resulted in a strong rise in EV adoption across Europe.
The company has also benefitted from a number of framework agreements that have been set up over the years, new clients and further internationalisation. It pointed to a three-year framework it signed with Centrica to supply EV chargers to British Gas engineers and Centrica sites.
Alfen’s smart chargers will initially be rolled out at the homes of British Gas engineers before then being installed at their premises and those of Centrica, which will also offer Alfen’s chargers to its commercial customers planning to electrify their fleets.
Meanwhile, its overall revenues came in at €189.0 million (£164.5 million), a growth of 32% compared with the €143.2 million (£124.7 million) recorded in FY 2019. All of its business lines saw growth, with smart grids seeing a rise of 14% in its revenues and energy storage jumping by 26% to reach €17.0 million (£14.8 million).
It said that COVID-19 introduced headwinds after strong momentum at the end of 2019 and in Q1 2020, with the pandemic slowing down the growth of the energy storage markets as businesses rethought their capital expenditure programmes. However, Alfen did secure new contracts and framework agreements, with one of these also being a three-year framework with Centrica to supply energy storage solutions across Europe.
Alfen’s adjusted EBITDA came in at €24.4 million (£21.2 million), up 68% versus €14.5 million (£12.6 million) in 2019. Its adjusted net profit also grew, with this being €12.5 million (£10.9 million) compared to €6.2 million (£5.4 million) in 2019.
"It has been a challenging year for everyone as we had to get used to a new normal where we needed to re-invent how we work together while safeguarding the health and safety of all of us: our employees, our customers, our suppliers and everyone around us," Marco Roeleveld, CEO of Alfen, said.
"We take great pride in how in these circumstances we truly showed our power to adapt and we want to thank our employees for their continued commitment and dedication."